Quarterly Summary of Operations

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Summary of Operations - MGE Energy (unaudited).

(In thousands, except per share amounts)		Quarters Ended
2018		March 31		June 30		September 30		December 31
Operating revenues:
Electric revenues	$	94,867	$	99,282	$	119,388	$	88,464
Gas revenues		62,765		24,980		18,407		51,615
Total Operating Revenues		157,632		124,262		137,795		140,079
Operating expenses		131,444		100,031		97,997		116,089
Operating income		26,188		24,231		39,798		23,990
Interest and other income, net		180		(52)		(695)		(1,987)
Income tax provision		(6,367)		(5,828)		(9,597)		(5,642)
Earnings on common stock	$	20,001	$	18,351	$	29,506	$	16,361
Earnings per common share	$	0.58	$	0.53	$	0.85	$	0.47
Dividends per share	$	0.323	$	0.323	$	0.338	$	0.338

2017
Operating revenues:
Electric revenues	$	98,397	$	102,382	$	120,761	$	92,734
Gas revenues		58,426		24,081		18,778		47,540
Total Operating Revenues		156,823		126,463		139,539		140,274
Operating expenses^(a)		124,987		100,868		97,542		115,077
Operating income		31,836		25,595		41,997		25,197
Interest and other income, net^(a)		(1,369)		(1,316)		216		(2,456)
Income tax provision^(b)		(11,167)		(8,736)		(15,584)		13,393
Earnings on common stock	$	19,300	$	15,543	$	26,629	$	36,134
Earnings per common share	$	0.56	$	0.45	$	0.77	$	1.04
Dividends per share	$	0.308	$	0.308	$	0.323	$	0.323

(a) Reflects retrospective application of new accounting pronouncement related to pension and other postretirement benefits. See Footnote 2 for more information.

(b) In December 2017, there was a $21.7 million one-time tax impact as a result of the Tax Act. See Footnote 12 for further information.

Notes:

• The quarterly results of operations within a year may not be comparable because of seasonal and other factors.

• The sum of earnings per share of common stock for any four quarters may vary slightly from the earnings per share of common stock for the equivalent twelve-month period due to rounding.

• MGE Energy's operations are based primarily on its utility subsidiary MGE.